The 27-year-old Smid is in his seventh NHL season. He has a goal and three points in 34 games this season and has posted career totals of 10 goals, 62 points and 361 penalty minutes in 443 games, all with the Oilers.

"It's a huge day for me," Smid said. "I feel really happy for me and my family to stay in Edmonton. It's my home now."

Smid was taken with the ninth pick in the 2004 NHL Draft by the Anaheim Ducks and dealt to the Oilers in July 2006 as part of the Chris Pronger trade.

"It's a great signing for us," veteran forward Ryan Smyth said. "He's a great warrior, a great competitor. He blocks a ton of shots for us."

He's only 17 but he can see the ice so well and he moves the puck and goes to the open ice all the time, so I just think he's a player that is ready to play in the NHL. I'm really looking forward to coaching someone like this.

— U.S. National Junior Team coach Ron Wilson on Auston Matthews, the projected No. 1 pick of the 2016 NHL Draft